LensCrafters 2015 Annual Report Download - page 38

Management Report as of December 31, 2015 Page 34 of 35
Non-IFRS Measure: Net debt and Net debt/EBITDA
Al 31 dicembre
(in millions of Euro) 2015
2014
Long-term debt (+) 1,715.1 1,688.4
Current portion of long-term debt (+) 44.9 626.8
Bank overdrafts (+) 110.5 151.3
Cash (-) (864.9) (1,453.6)
Net debt (=) 1,005.6 1,012.9
EBITDA 1,853.3 1,541.6
Net debt/EBITDA 0.5x 0.7x
Net debt @ avg. exchange rates
(1)
991.9 984.3
Net debt @ avg. exchange rates
(1)
/EBITDA 0.5x 0.6x
1 Net debt figures are calculated using the average exchange rates used to calculate the EBITDA figures.
Non-IFRS Measure: Net debt and Net debt/Adjusted EBITDA
(in millions of Euro) 2015
(
1,
2)
2014
(
1,
3)
Long-term debt (+) 1,715.1 1,688.4
Current portion of long-term debt (+) 44.9 626.8
Bank overdrafts (+) 110.5 151.3
Cash (-) (864.9) (1,453.6)
Net debt (=) 1,005.6 1,012.9
LTM Adjusted EBITDA 1,919.7 1,561.6
Net debt/LTM Adjusted EBITDA 0.5x 0.6x
Net debt @ avg. exchange rates
(1)
991.9 984.3
Net debt @ avg. exchange rates
(1)
/LTM EBITDA 0.5x 0.6x
(1)
Net debt figures are calculated using the average exchange rates used to calculate the EBITDA figures.
(2)
Adjusted figures exclude costs related to the integration of Oakley and other minor projects with an impact of Euro 66.4 million on operating income and
Euro 49.8 million impact on net income.
(3)
Adjusted figures exclude the non-recurring costs of approximately 20.0 million, Euro 14.5 million net of tax, related to the termination of former
Group’s CEOs.
FORWARD-LOOKING INFORMATION
Throughout this report, management has made certain “forward-looking statements” as defined in the Private Securities
Litigation Reform Act of 1995 which are considered prospective. These statements are made based on management’s
current expectations and beliefs and are identified by the use of forward-looking words and phrases such as “plans,”
“estimates,” “believes” or “belief,” “expects” or other similar words or phrases.
Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those
which are anticipated. Such risks and uncertainties include, but are not limited to, our ability to manage the effect of the
uncertain current global economic conditions on our business, our ability to successfully acquire new businesses and
integrate their operations, our ability to predict future economic conditions and changes in consumer preferences, our ability
to successfully introduce and market new products, our ability to maintain an efficient distribution network, our ability to
and achieve our business objectives and manage growth, our ability to negotiate and maintain favorable license
arrangements, the availability of correction alternatives to prescription eyeglasses, fluctuations in exchange rates, changes in
local conditions, our ability to protect our proprietary rights, our ability to maintain our relationships with host stores, any
failure of our information technology, inventory and other asset risk, credit risk on our accounts, insurance risks, changes in
tax laws, as well as other political, economic, legal and technological factors and other risks and uncertainties described in